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Byline: Tom Walker
Jul. 10--Shades of 1999, the rally in technology stocks continues to amaze -- and worry -- Wall Street.
It amazes because of the 29 percent year-to-date rebound in the tech-laden Nasdaq composite index, and the 57 percent rise since the index's low point last Oct. 9. That's roughly double the gains in blue chip indexes for both periods.
It worries because it looks a lot like the kind of steep ascent that occurred in the late 1990s and culminated in the index's all-time high of 5,048.62 on March 10, 2000. That's the mountain peak from which the current bear market plunged, with tech stocks leading the way.
No wonder that the nagging question these days is whether tech stocks are headed for another tech wreck similar to, if not as big as, the one in March 2000.
Probably not, strategists say -- but don't look for a quick rebound. …